GitLab Stock Is Trading Higher Tuesday: What's Going On?

GitLab Inc GTLB shares are trading higher Tuesday after the company reported better-than-expected financial results and issued guidance above estimates. 

• Q3 Revenue: $149.7 million beat estimates of $141.49 million
• Q3 EPS: 9 cents beat estimates for a loss of 1 cent

Revenues were up 32% year-over-year. Customers with more than $5,000 of ARR increased to 8,175, up 26% and customers with more than $100,000 of ARR increased to 874, up 37%.

"We delivered a strong quarter, which was driven by the continued adoption of our DevSecOps Platform. GitLab is the only DevSecOps company that integrates security, compliance, and AI into one platform," said Sid Sijbrandij, co-founder and CEO of GitLab.

Outlook: GitLab sees fourth-quarter revenue in the range of $157 million to $158 million versus estimates of $150.24 million. The company expects fourth-quarter earnings to be between 8 cents and 9 cents per share versus estimates for a loss of 1 cent per share.

GitLab expects full-year revenue to be between $573 million and $574 million versus estimates of $558.14 million. The company expects full-year earnings to be between 12 and 13 cents per share versus estimates for a loss of 6 cents per share.

Following the print, Barclays analyst Ryan Macwilliams maintained GitLab with an Equal-Weight rating and raised the price target from $50 to $55.

See Also: What's Going On With Cancer-Focused Replimune Stock Today?

GTLB Price Action: GitLab shares were up 13.3% at $59.95 at the time of writing, according to Benzinga Pro.

Photo: 3844328 from Pixabay.